When you say "investment" --- are you planning to rent it out? Or are you looking at long-term return on your personal home?
So many factors to consider. I've had clients who were attracted by the idea of having nice large homes in Antioch, Pittsburg and Mountain House. But they all worked in the Bay area. After a while, the commute started to wear thin. And they ended up selling their large new homes and moved back closer to their places of work.
So ask yourself:
1. how far and for how long are you willing to commute
2. what amenities don't you want to live without?
3. what are your interests? Do you like to dine out, see plays, shop? If so, check out where you can do these things, and how many choices you have
4. Are you concerned about school performance and rankings?
5. How about climate? Do you prefer cooler or warmer weather?
6. Do you have friends and family with whom you like to frequently spend time with? Can they visit you, or can you see them without too much planning and preparation in terms of travel time?
Do this: from your place of business, go at the height of your commuting hour, to the place where you think you want to live. That might well decide it for you.